Miller Industries, Inc. · NYSE:MLR
Miller Industries — Investor Presentation (May 2024)
28 slides from Miller Industries's investor presentation, May 2024
Slide 1: Investor Presentation 2024
Wrwaer INDUSTRIES THREE INVESTOR NO sors 2024 | PRESENTATION
Slide 2: Slide 2
Slide 3: Fact Sheet
FACT SHEET The World Leader in Towing and Recovery Equipment. CORPORATE SUMMARY Miller Industries is the world’s largest manufacturer of towing and recovery equipment and markets its towing and recovery equipment under a number of well- recognized brands, including Century, Vulcan, Chevron, Holmes,
Slide 4: Executive Bio
EXECUTIVE BIO The World Leader in Towing and Recovery Equipment. William G. Miller, II has served as a director since May 2014, our Chief Executive Officer since March 2022 and President since March 2011, after serving as Co-Chief Executive Officer from December 2013 to March 2022 and as a Regional
Slide 5: Light-Duty Car Carrier
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment. LIGHT-DUTY The Vulcan 812 and Century Express 300 have been the most popular choices in the industry over the past decade for private property, repossession and commercial towers. But in an effort to improve upon an already great pro
Slide 6: Heavy-Duty Rotator
PRODUCT SUMMARY The World Leader in Towing and Recovery Equipment. HEAVY-DUTY The 5130 is Century’s best performing heavy- duty integrated unit with 128" of underlift reach. The 5130 has the ability to tow most vehicles without giving up maneuverability of a single axle or tandem axle unit. The 5130
Slide 7: Safe Harbor Statement
The World’s Largest Manufacturer of Towing and Recovery Equipment NYSE: MLR 2024 Investor Presentation 1 The World’s Largest Manufacturer of Towing and Recovery Equipment® Safe Harbor Statement NYSE: MLR Certain statements in this news release may be deemed to be forward-looking statements, as defin
Slide 8: Introduction to Miller Industries Overview
The Worlds Largest Manufacturer of Towing and Recovery Equipment® Introduction to Miller Industries The World’s Largest Manufacturer of Towing and Recovery Equipment® Overview Miller Industries, Inc., founded in 1990 by William G. Miller “Bill”, is the leading manufacturer of towing and recovery equ
Slide 9: Investment Highlights and Industry History
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment Highlights • World Leader in Towing & Recovery Equipment • Strong Consistent Organic Growth • Global Presence • Industry Leader in Innovation • Best-in-Class Products and Distribution • Strong Customer Relationships • Attr
Slide 10: Towing & Recovery Market and Industry Drivers
The World’s Largest Manufacturer of Towing and Recovery Equipment® Towing & Recovery Market • Multi-Billion Dollar Global Market • Primary Market Segments • Commercial Towing • Government and Municipal Sales • Military • Primary Product Types • Light-Duty Recovery Vehicles • Medium- & Heavy-Duty Rec
Slide 11: Miller Strategy and Revenue Streams
The World’s Largest Manufacturer of Towing and Recovery Equipment® Miller Strategy • Develop a world-class team from the top down, and invest in our employees’ education and career development to enhance the value of the Miller organization • Locate, develop and maintain five-star distribution networ
Slide 12: Manufacturing Locations and North American Distribution History
The World’s Largest Manufacturer of Towing and Recovery Equipment® Manufacturing Locations Thetford, England Hermitage, PA Greeneville, TN Athens, TN Ooltewah, TN Lorraine, France Global Footprint: 1,154,000 sqft 11 The World’s Largest Manufacturer of Towing and Recovery Equipment® North American Di
Slide 13: North American and Foreign Market Distribution
The World’s Largest Manufacturer of Towing and Recovery Equipment® North American Distribution • 53 Distributor Principals • 74 Distributor Locations • 300+ Retail Sales Personnel • Commercial Towing Operators • Entrepreneurs • Average Fleet Size 10-15 Trucks • Vehicle Life Cycle • Warranty Offering
Slide 14: We have the best people, products, and distribution network
The World’s Largest Manufacturer of Towing and Recovery Equipment® “We have the best people, the best products, and the best distribution network in the Towing & Recovery Industry.” -Bill Miller Year - 1990 15 The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Manufactu
Slide 15: Investment in Manufacturing and Human Capital
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Manufacturing Miller Industries Carrier Plant 1990 Carrier Plant Present Day 17 The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment in Human Capital Employee Health & Safety Employee Engagement
Slide 16: Management Team and Financial Overview FY '23
The World’s Largest Manufacturer of Towing and Recovery Equipment® Highly Experienced Management Team Name Exp. Name Exp. Frank Madonia William G. Miller “Bill” 30+ years Executive Vice President, Secretary 30+ years Founder and Chairman of the Board and General Counsel William G. Miller II “Will” J
Slide 17: Historical & Projected 2024 Revenue and CAGR
The World’s Largest Manufacturer of Towing and Recovery Equipment® Historical & Projected 2024 Revenue $1,200,000 $900,000 $600,000 $300,000 $0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 18: Q1 2024 Peer Group Analysis
Q1 2024 Peer Group Analysis 23 EPS TTM Q1 ‘24 TTM $12.00 ALG $2.67 $11.24 MLR $1.47 $5.73 FSS $0.84 $2.96 $8.50 BLBD $0.79 $2.47 CVGI $0.09 $1.30 EPAC $0.33 $1.27 PLOW -$0.37 $1.17 $5.00 ASTE $0.15 $1.09 PKOH $0.75 $0.88 FSTR $0.40 $0.73 SHYF -$0.14 $0.00 $1.50 SRI -$0.22 -$0.14 NNBR -$0.34 -$1.41 M
Slide 19: TSR and Earnings Yield
TSR (Total Shareholder Return) TTM Q1 Div. Q1 ‘24 TTM 150% NNBR $0.00 16.2% 343.0% FSTR $0.00 22.5% 137.9% PKOH $0.13 4.1% 121.9% 100% BLBD $0.00 45.7% 87.7% FSS $0.12 13.4% 56.8% MLR $0.19 22.5% 42.3% EPAC $0.01 16.7% 39.9% 50% ALG $0.26 11.4% 24.1% MPAA $0.00 -11.8% 8.1% ASTE $0.13 23.4% 6.3% SRI
Slide 20: Debt to Equity Ratio and Select Market Information
Debt to Equity Ratio TTM TTM 2.50 MLR 0.15 ASTE 0.21 2.00 FSS 0.28 ALG 0.34 SHYF 0.53 1.50 FSTR 0.62 EPAC 0.73 SRI 0.73 1.00 MPAA 0.82 CVGI 0.89 BLBD 0.93 0.50 PLOW 1.22 NNBR 1.81 PKOH 2.48 0.00 MLR ASTE FSS ALG SHYF FSTR EPAC SRI MPAA CVGI BLBD PLOW NNBR PKOH The World’s Largest Manufacturer of Tow
Slide 21: Investment Highlights and Thank You
The World’s Largest Manufacturer of Towing and Recovery Equipment® Investment Highlights • World Leader in Towing & Recovery Equipment • Strong Consistent Organic Growth • Global Presence • Industry Leader in Innovation • Best-in-Class Products and Distribution • Strong Customer Relationships • Attr
Slide 22: Miller Industries Reports 2024 First Quarter Results
8503 Hilltop Drive, Ooltewah, TN 37363 Telephone (423) 238-4171 CONTACT: Miller Industries, Inc. Debbie Whitmire, Chief Financial Officer (423) 238-8464 FTI Consulting, Inc. Mike Gaudreau millerind@fticonsulting.com MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS CHATTANOOGA, Tenn., May 8, 2024
Slide 23: First Quarter Results Page 2
MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS PAGE 2 Mr. Miller, II, concluded, “With our backlog and demand environment steady, coupled with our strong financial results, we have made strides in returning capital to our shareholders. Last quarter, we raised our dividend by 5.6%. Additionally
Slide 24: First Quarter Results Page 3
MILLER INDUSTRIES REPORTS 2024 FIRST QUARTER RESULTS PAGE 3 Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may,” “wil
Slide 25: Condensed Consolidated Statements of Income
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 31 % 2024 2023 Change NET SALES $ 349,871 $ 282,275 23.9% COST OF OPERATIONS 305,628 251,858 21.3% GROSS PROFIT 44,243 30,417 45.5% OPERATIN
Slide 26: Condensed Consolidated Balance Sheets
MILLER INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, 2024 December 31, (Unaudited) 2023 ASSETS CURRENT ASSETS: Cash and temporary investments $ 26,809 $ 29,909 Accounts receivable, net of allowance for credit losses of $1,578
Slide 27: NYSE: MLR
NYSE: MLR
Slide 28: Miller Industries
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